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A potential multi-club model, with Newcastle United as the crown jewel, is back on the menu at St James’ Park as PIF explore acquiring 777 Partners owned or financed clubs, according to Ben Jacobs latest report for GiveMeSport.
Rumours that the sovereign wealth fund is looking to purchase other football clubs have never really gone away since the October 2021 takeover of Newcastle, however with several 777 Partners clubs said to be in dire financial straits, PIF sees these clubs as excellent value for money.
Talks are said to be at a formative stage with any potential deals a considerably long way off, but PIF is said to be particularly keen to acquire a team in France above all other countries, with only one club due to be directly linked with the Toon.
Bordeaux was once considered a prime candidate; however, the Ligue 2 side sadly lost its professional status and was administratively relegated to Le Championnat National this summer following terrible mismanagement by the club’s American owners King Street.
777 partners own several clubs around the world including Red Star in France, Standard Liege, Genoa, Hertha Berlin and Vasco de Gama in Brazil. All are said to be in varying degrees of financial health with 777 Partners business practices under fire following several high-profile financial mismanagements and failures – including the mooted takeover of Everton despite lending the club £150million.
Saudi investors, not linked with PIF, are said to be in the process of buying AS Monaco in France. The purchase could impact PIF’s decision with regards to which club to acquire due to the need to satisfy UEFA’s multi-club owner rules, something which excluded Man Utd from purchasing Jean-Clair Todibo from Nice this summer due to INEOs part owning both clubs, and with both clubs set to play in the same European competition.
Interestingly, Paul Mitchell oversaw an overhaul of the multi-club model during his time at Monaco developing strong links with…
Source link : https://www.nufcblog.co.uk/2024/08/02/saudi-pif-step-up-plans-for-newcastle-uniteds-multi-club-model-report/
Author : Olly Hawkins
Publish date : 2024-08-02 07:02:39
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